Volta Trucks concluded its recent funding round, bringing new investment, shareholders, and soon, a new board member into the company. New investors joined the Volta Trucks journey, and existing investors increased their funding, providing external validation of the progress towards the company’s goals and future potential.
Leading the $20 million convertible debt funding raise was prominent New York-based investment firm, Luxor Capital, which manages more than $6 billion in assets, and has made investments into many automotive and alternative energy companies including Hyliion, Nikola, Lordstown Motors, QuantumScape and EverFuel. Volta Trucks will soon also welcome Sharp McGivaren to its board of directors. Luxor Capital joins previous lead investor, Byggmästare Anders J Ahlström of Stockholm, and a number of supporting shareholders.
The successful conclusion of this funding round gives the company the space to scale and grow, expanding its team of world-class engineers and commercial experts, as the company pushes forwards with vehicle development, its industrialisation plans, and the expansion of its commercial operations.
The order book for the Volta Zero, the world’s first purpose-built full electric large commercial vehicle, now stands at over $260 million. This follows a successful commercial period of customer acquisition for the company, with a significant number of additional vehicle orders expected to be announced in the coming weeks. The first Volta Zero vehicles are expected to be operating with customers in late 2021.
Sharp McGivaren of Luxor Capital, said: “Luxor Capital seeks to back transformative companies and management teams who can generate growth and value over the long term. Volta Trucks started from first principles designing the Volta Zero and, as a result, has created an innovative vehicle that takes full advantage of electrification. We are confident customers will be delighted by Volta Trucks’ relentless focus on performance, efficiency, safety, and customer service. We look forward to helping establish Volta Trucks as a leading global electric truck brand.”